Pension Personal Accounts – Transfer of PADA to NESTWednesday, March 31st, 2010
The necessary statutory Orders have been made, replacing earlier draft Orders, to
- wind up the Personal Accounts Delivery Authority (PADA), the body responsible for designing and procuring the administration elements of the statutory pension scheme that will be available to employers in 2012, with effect from 5 July 2010
- transfer the property, rights and liabilities of PADA to the National Employment Savings Trust (NEST) Corporation from the same date
- transfer the staff of PADA to NEST under TUPE provisions
- establish the NEST scheme and set out the necessary provisions for its administration and management.
Sponsored by Learn Payroll